Principles of Microeconomics (ECO 202)
Northern Virginia Community College – Alexandria Campus
Spring 2008
Instructor:
E-mail:
Section:
Office hours:
Office:
Textbook:
Scott Wentland
swentlan@gmu.edu
ECO 202, section 005A
MW 5:00pm – 6:00pm, and by appointment
Bisdorf 439 (our classroom)
The Economy Today, by Bradley R. Schiller, 10th ed.
Course Goals
This course covers basic microeconomic theory, equilibrium analysis, and
applications. The overarching purpose here is to equip you with the basic tools that
economics provides. These tools will help you think like an economist, allowing you to
bring economic analysis to issues that you care about. Ideally, you will leave this class
knowing the core concepts of microeconomics, understanding the role of incentives, and
thinking about economics beyond supply and demand. Undoubtedly, this will give you a
distinct advantage over others in further courses (in any field), business, and life in
general.
Grades:
A ≥ 90
B ≥ 80
C ≥ 70
D ≥ 60
F < 60
note: Class attendance/participation will affect borderline decisions.
Grading breakdown:
Midterm Exam 1
Midterm Exam 2
Final Exam
Quizzes
Paper
20%
30%
20%
20%
10%
Course Policies
Make-up policy:
There will be no make-up quizzes given. Students can drop their
worst 2 quizzes. Make-up exams will only be given under extenuating circumstances. If
you are unable to take the midterm on the given exam date, please inform the instructor
about this as soon as possible. Alternative arrangements may be possible.
Other policies:
Policies not explicitly stated in this syllabus are delegated to the
Northern Virginia Community College student and faculty handbooks, and are subject to
change at the instructor’s discretion. These policies include, though are not limited to,
NVCC’s policies regarding to disability, plagiarism, attendance, and classroom conduct.
Paper
Choose a political candidate in the 2008 election (any party, any office), and
evaluate his/her economic platform from a microeconomic point of view. Each candidate
should have a variety of economy-related proposals on his/her official website. Choose at
least three of these proposals and identify the economic problem they intend to remedy.
Then, determine what economic effects these proposals (if enacted) would have on the a)
individual consumer b) entrepreneur OR c) market as a whole. Specifically, discuss 1)
tradeoffs/opportunity costs involved, 2) how it addresses the issue of scarcity, OR 3) how
the policy produces a sustainable equilibrium.
We are interested in positive economic analysis here. What I mean is: you don’t
need to take a normative stance on either the candidate or his/her policies. Simply focus
on things like incentives, tradeoffs, and equilibria. If you get ideas from other sources,
you must cite them. I prefer that you use the knowledge and tools that you have acquired
through this course (and other economics courses, if applicable), but if you want to make
this a research paper based on other economists’ perspectives that is fine too. Make sure
you cite them properly!
The paper will be worth 10% of your grade. It should be at least 500 words (two
full pages, doubles spaced), but no more than 1250 words (5 pages). Due: May 5
Course outline
Part I – Introductory Concepts and Tools
January 14 (Monday)
homework:
Introduction to (Micro)Economics
read Chapter 1 Economics: The Core Issues (p. 2 – 20)
January 16 (Wednesday)
homework:
Market Demand Overview
read Chapter 3 Supply and Demand (p 44 – 55)
January 21 (Monday)
NO CLASS – Martin Luther King Day
January 23 (Wednesday)
homework:
Individual Demand and Elasticity
read Chapter 20 The Demand for Goods (p. 414 – 425)
January 28 (Monday)
homework:
Demand and Utility Maximization
read Chapter 20 The Demand for Goods (p. 425 - 436)
January 30 (Wednesday)
QUIZ #1 TODAY (covering prior readings)
Market Supply Overview and Equilibrium
read Chapter 3 Supply and Demand (p. 55 – 68)
homework:
February 4 (Monday)
homework:
Costs of Production
read Chapter 21 The Costs of Production (p. 445 – 461)
February 6 (Wednesday)
Costs of Production (continued)
homework:
February 11 (Monday)
homework:
February 13 (Wednesday)
read Chapter 21 The Costs of Production (p.461 - 469)
QUIZ #2 TODAY (Chapter 3 and 21)
Competitive Firms Overview
read Chapter 22 The Competitive Firm (p. 472 – 487)
MIDTERM EXAM #1
The exam covers Chapters 1, 3, 20, and 21.
Part II – Market Structures and Equilibrium Analysis
February 18 (Monday)
homework:
Competitive Firms (continued)
read Chapter 22 The Competitive Firm (p. 487 – 493)
February 20 (Wednesday)
QUIZ #3 TODAY (covering Chapter 22)
Competitive Markets Overview
read Chapter 23 Competitive Markets (p. 495 – 505)
homework:
February 25 (Monday)
homework:
Competitive Markets (continued)
read Chapter 23 Competitive Markets (p. 505 – 513)
February 27 (Wednesday)
homework:
QUIZ #4 TODAY (covering Chapter 23)
Monopoly
read Chapter 24 Monopoly (p. 515 – 524)
March 3 (Monday)
homework:
Monopoly (continued)
read Chapter 24 Monopoly (p. 524 – 535)
March 5 (Wednesday)
QUIZ #5 TODAY (covering Chapter 24)
Game Theory
none – enjoy your break!
homework:
March 10 (Monday)
NO CLASS - SPRING BREAK
March 12 (Wednesday)
NO CLASS - SPRING BREAK
March 17 (Monday)
homework:
Oligopoly
read Chapter 25 Oligopoly (p. 537 – 547)
March 19 (Wednesday)
homework:
Oligopoly and Game Theory
read Chapter 25 Oligopoly (p. 547 – 562)
March 24 (Monday)
QUIZ #6 TODAY (covering Ch. 25 and Game Theory)
Monopolistic Competition
read Chapter 26 Monopolistic Competition (p. 564 – 574)
homework:
March 26 (Wednesday)
homework:
Reviewing Market Structures
study for midterm exam
March 31 (Monday)
MIDTERM EXAM #2
The exam covers Chapters 22, 23, 24, 25, and 26.
Part III – Applied Microeconomics
April 2 (Wednesday)
homework:
Regulation
read Chapter 27 (De)Regulation of Business (p. 576 – 585)
April 7 (Monday)
homework:
Regulation (continued)
read Chapter 27 (De)Regulation of Business (p. 585 – 595)
April 9 (Wednesday)
homework:
QUIZ #7 TODAY (covering Chapter 27)
Labor Economics
read Chapter 30 The Labor Market (p. 632 – 643)
April 14 (Monday)
homework:
Labor Economics (continued)
read Chapter 30 The Labor Market (p. 646 – 653)
April 16 (Wednesday)
QUIZ #8 TODAY (covering Chapter 30)
Labor Economics (continued)
finish reading Chapter 30 The Labor Market
homework:
April 21 (Monday)
homework:
International Trade
read Chapter 35 International Trade (p. 724 – 733)
April 23 (Wednesday)
QUIZ #9 TODAY (covering Chapter 31)
International Trade (continued)
read Chapter 35 International Trade (p. 733 – 746)
homework:
April 28 (Monday)
homework:
International Trade (continued)
finish reading Chapter 35 International Trade
April 30 (Wednesday)
QUIZ #10 TODAY (covering Chapter 35)
Externalities
hopefully put the finishing touches on your paper
Also read Chapter 4 The Public Sector (p. 74-76)
homework:
May 5 (Monday)
homework:
PAPER DUE TODAY
Political Economy (Public Choice)
read Chapter 4 The Public Sector (the rest of the chapter)
May 7 (Wednesday)
NO CLASS – EXAM WEEK
May 12 (Monday)
FINAL EXAM
The final exam covers Chapters 27, 30, 31, 35, and lecture
notes on the last couple topics.